Question 1 Here are the comparative income statements of Delaney Corporation Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $722.000 $602,000 Cost of goods sold 565,326 491,232 Gross profit 156,674 110,768 Operating 55.986 expenses Net Income $57,038 $ 54,782 99.636 Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (4596). Round percentages to I decimal place, c.9. 12.3%) DELANEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2020 Amount Percentage 2020 2019 Net sales $722,000 $602.000 Cost of goods sold 565,326 491,232 O SSS PM search DII Prt Sons Home Endo Pgup $ 9 3 4 5 6 7 8 9 E R T o Y U I D F G K L V B N. M All (a) Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.396.) DELANEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2020 Amount Percentage 2020 2019 Net sales 5722.000 $602.000 Cost of goods sold 565,326 491,232 Gross profit 156,674 110,768 Operating expenses 99,636 55,986 Net income $57,038 $54,782 (b) Prepare a vertical analysis of the income statement data for Delaney Corporation for both years. (Round percentages to I decimal place, .g. 12.39.) DELANEY CORPORATION Condensed Income Statements to search o e 555 PM 4/2020 PII Pt Son Home Poup Pee $ 4 % 5 & 7 3 6 8 9 0 E R T Y o D F G H K L